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Sun's Fiscal Fourth Quarter Results Revenues: $3.4 billion -- Up 10 Percent Sun Microsystems reported results for its fiscal fourth quarter which ended June 30, 2002. Revenues for the fourth quarter were $3.4 billion, up 10 percent, as compared with $3.1 billion in revenues reported for the third quarter of fiscal year 2002. Net income for the fourth quarter was $28 million and the net income per common share was $.01 (excluding an $18 million loss on equity investments, a $4 million credit for adjustments to restructuring charges, and a $6 million benefit for the related tax effects). Including these amounts, GAAP net income was $20 million and GAAP earnings per share was $.01. For the full 2002 fiscal year, Sun reported revenues of $12.5 billion, down 32 percent from record high revenues of the prior year. Net loss for the 2002 fiscal year was $255 million and the net loss per common share was $.08 (excluding a $517 million restructuring charge, a $99 million loss on equity investments, a $3 million charge for in-process research and development, and a $246 million benefit for the related tax effects). Including these amounts, GAAP net loss was $628 million and GAAP loss per share was $.19. Sun's Chairman, CEO, and President Scott McNealy said, "We stated a goal of reporting a profit this quarter and we achieved that goal. I'm immensely proud of my team. They have integrity. They have talent. They have tenacity. And, they achieved this goal while protecting investments in research and development, aggressively managing cash balances, and gaining market share from competitors." McNealy continued, "We achieved gains in low-end server sales through the continued success of our UltraSPARCR III processor-based products such as the Sun FireTM V880 two-way, four-way, and eight-way servers and the Sun FireTM 280R, rack-mountable two-way server. We also increased sales of our high-end UltraSPARC III processor-based products such as the Sun FireTM 6800 and Sun FireTM 15K mainframe replacement servers. These gains were augmented by strong market acceptance of our newest products such as the Sun Fire V480 four-way server in the low-end space and the Sun FireTM 12K server in the high-end space. The Sun Fire 12K server has been particularly well received as it is taking sales from the competition while strengthening and enhancing sales of other Sun high-end products." McNealy concluded, "We're also pleased that our storage revenues grew with products such as the Sun StorEdgeTM T3 array and Sun StorEdgeTM 3900, 6900, and 9900 system families. Finally, we continued to roll-out ground-breaking software offerings such as the SolarisTM 9 Operating Environment (Solaris OE), StarOfficeTM 6.0 Office Suite, SunTM ONE Portal Server 6 (formerly the iPlanetTM Portal Server), SunTM Grid Engine, Enterprise Edition 5.3 software, and a new SunTM ONE Application Server 7 product line (formerly the iPlanetTM Application Server line) that will make the core version of the JavaTM platform technology-based application server free to enterprises and ISVs on all leading platforms. Along with Sun services, these products continued to reinforce Sun's position as one of the few systems companies capable of developing and integrating hardware, software and services for enterprise customers."
Steve McGowan, Executive Vice President of Corporate Resources and
Chief Financial Officer said, "We were particularly pleased with our
strong performance in the U.S. geography which reported 20 percent revenue
growth over the prior quarter. In addition, we continued to generate
positive cash flow from operations and ended the quarter with a cash
and marketable securities balance of approximately $5.9 billion after
repurchasing $226 million in stock during the quarter."
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Sun's Fiscal Fourth Quarter Results
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